Hartford Funds Management Co LLC Has $1.21 Million Stock Holdings in Broadcom Inc. (NASDAQ:AVGO)

Hartford Funds Management Co LLC raised its stake in Broadcom Inc. (NASDAQ:AVGO) by 939.4% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 7,016 shares of the semiconductor manufacturer’s stock after buying an additional 6,341 shares during the period. Broadcom accounts for 0.1% of Hartford Funds Management Co LLC’s holdings, making the stock its 27th largest holding. Hartford Funds Management Co LLC’s holdings in Broadcom were worth $1,210,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Indiana Trust & Investment Management CO raised its holdings in Broadcom by 39.5% in the 2nd quarter. Indiana Trust & Investment Management CO now owns 53 shares of the semiconductor manufacturer’s stock valued at $85,000 after buying an additional 15 shares during the last quarter. Creekmur Asset Management LLC raised its stake in shares of Broadcom by 89.7% during the first quarter. Creekmur Asset Management LLC now owns 74 shares of the semiconductor manufacturer’s stock valued at $98,000 after acquiring an additional 35 shares during the last quarter. Kiely Wealth Advisory Group Inc. acquired a new position in shares of Broadcom during the second quarter worth $128,000. Mark Sheptoff Financial Planning LLC bought a new stake in shares of Broadcom in the second quarter worth $136,000. Finally, Bank & Trust Co acquired a new stake in Broadcom in the second quarter valued at $153,000. Institutional investors own 76.43% of the company’s stock.

Analyst Ratings Changes

Several research analysts have commented on the company. Morgan Stanley lifted their target price on Broadcom from $176.00 to $180.00 and gave the stock an “overweight” rating in a report on Friday, September 6th. Rosenblatt Securities reduced their target price on Broadcom from $2,400.00 to $240.00 and set a “buy” rating on the stock in a report on Friday, September 6th. JPMorgan Chase & Co. raised their price target on shares of Broadcom from $200.00 to $210.00 and gave the stock an “overweight” rating in a report on Friday, September 6th. Benchmark reiterated a “buy” rating and set a $210.00 price objective on shares of Broadcom in a research report on Friday, September 6th. Finally, Cantor Fitzgerald lifted their target price on shares of Broadcom from $200.00 to $225.00 and gave the stock an “overweight” rating in a research note on Tuesday, October 8th. Two analysts have rated the stock with a hold rating, twenty-three have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $195.96.

Broadcom Stock Down 0.0 %

Broadcom stock opened at $164.74 on Wednesday. The firm has a market capitalization of $769.43 billion, a price-to-earnings ratio of 143.13, a price-to-earnings-growth ratio of 1.93 and a beta of 1.17. The firm’s fifty day moving average price is $173.76 and its two-hundred day moving average price is $161.09. Broadcom Inc. has a 1-year low of $90.31 and a 1-year high of $186.42. The company has a current ratio of 1.04, a quick ratio of 0.94 and a debt-to-equity ratio of 1.02.

Broadcom (NASDAQ:AVGO) last released its quarterly earnings results on Thursday, September 5th. The semiconductor manufacturer reported $1.24 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.20 by $0.04. The business had revenue of $13.07 billion during the quarter, compared to the consensus estimate of $12.98 billion. Broadcom had a return on equity of 30.12% and a net margin of 10.88%. The company’s quarterly revenue was up 47.3% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.95 EPS. On average, equities research analysts predict that Broadcom Inc. will post 3.78 earnings per share for the current fiscal year.

Broadcom Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, September 30th. Shareholders of record on Thursday, September 19th were paid a dividend of $0.53 per share. The ex-dividend date of this dividend was Thursday, September 19th. This is a boost from Broadcom’s previous quarterly dividend of $0.53. This represents a $2.12 annualized dividend and a yield of 1.29%. Broadcom’s dividend payout ratio (DPR) is 184.19%.

Insiders Place Their Bets

In related news, insider Charlie B. Kawwas sold 25,200 shares of the firm’s stock in a transaction dated Thursday, September 19th. The shares were sold at an average price of $168.27, for a total transaction of $4,240,404.00. Following the transaction, the insider now directly owns 753,280 shares of the company’s stock, valued at $126,754,425.60. This trade represents a 3.24 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Mark David Brazeal sold 18,900 shares of the company’s stock in a transaction dated Wednesday, October 9th. The stock was sold at an average price of $182.88, for a total transaction of $3,456,432.00. Following the completion of the sale, the insider now directly owns 380,560 shares of the company’s stock, valued at $69,596,812.80. The trade was a 4.73 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 311,080 shares of company stock valued at $53,540,590 in the last three months. 2.00% of the stock is currently owned by insiders.

About Broadcom

Broadcom Inc designs, develops, and supplies various semiconductor devices with a focus on complex digital and mixed signal complementary metal oxide semiconductor based devices and analog III-V based products worldwide. The company operates in two segments, Semiconductor Solutions and Infrastructure Software.